Given the following information, compute December 31, 2017, projected benefit obligation (PBO) and fair market value (FMV) of plan assets for Lee Company. What amount of asset or liability will be reported on the balance sheet at December 31, 2017?

Prior service cost granted in a 2017 plan amendment ......................... $110,000
Interest on PBO ....................................................................................................... 70,000
Actual return on plan assets ............................................................................. 100,000
Service cost ................................................................................................................ 80,000
Contribution sent to plan trustee ..................................................................... 60,000
Benefit payments to retirees .............................................................................. 20,000
Liability loss (gain) ............................................................................................... (30,000)
FMV of plan assets, January 1, 2017 ............................................................. 750,000
PBO, January 1, 2017 .......................................................................................... 800,000